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Client Ref.: 20304
Client and project challenges
Company dedicated to the printing of books, brochures and catalogs with rotogravure and web offset techniques. Former subsidiary of one of the largest printing groups in the world, has two factories in Spain, handles 220,000 tons of paper per year and employs more than 500 people.
<!– wpml:html_fragment –> In a certain period of time they suffered several accidental fire accidents on the machinery and natural phenomena on the paper reels, which caused the insurance conditions of their International Program to harden exponentially.
<!– wpml:html_fragment –> Our challenge was to get better insurance conditions in the Spanish market that would allow them to negotiate with their parent company to take out local policies under the IR program.
<!– wpml:html_fragment –> In a certain period of time they suffered several accidental fire accidents on the machinery and natural phenomena on the paper reels, which caused the insurance conditions of their International Program to harden exponentially.
<!– wpml:html_fragment –> Our challenge was to get better insurance conditions in the Spanish market that would allow them to negotiate with their parent company to take out local policies under the IR program.
Our work and approach
We analyzed the historical loss experience and in particular the three major losses suffered in the last 4 years. We selected a small group of insurers that could underwrite this risk in the form of a leading company and co-insurer, with the objective of having a client committed to safety in our portfolio and to keep it for a long period of time.
<!– wpml:html_fragment –> We organized risk inspections to the two factories and coil warehouse with technical personnel from Ferrer&Ojeda and the insurers in order to advise them on fire, theft and natural risks protection measures, not only as required by the insurers but also by their German parent company, which closely followed the Risk Management aspects.
<!– wpml:html_fragment –> Regarding the Sum Insured, we work together with an external company specialized in fixed asset valuations and our advice to fix the Gross Insured Profit, the indemnity period and the interdependence clauses between companies – risk situations.
<!– wpml:html_fragment –> We organized risk inspections to the two factories and coil warehouse with technical personnel from Ferrer&Ojeda and the insurers in order to advise them on fire, theft and natural risks protection measures, not only as required by the insurers but also by their German parent company, which closely followed the Risk Management aspects.
<!– wpml:html_fragment –> Regarding the Sum Insured, we work together with an external company specialized in fixed asset valuations and our advice to fix the Gross Insured Profit, the indemnity period and the interdependence clauses between companies – risk situations.
Results
We managed to place the risk of property damage-loss of profits with the largest insurance company in Spain and co-insurers, three companies of recognized prestige in industrial risks participated.
<!– wpml:html_fragment –> We prepared technical risk verification reports with safety recommendations and a periodic follow-up plan with on-site meetings. The client’s compliance to the recommendations was rewarded with optimal insurance conditions that were approved by their parent company.
<!– wpml:html_fragment –> We negotiated ad-hoc clauses such as the derogation of the proportional rule subject to the maintenance of the valuation of assets, appointment of the Insured’s expert with technical knowledge of the Insured’s risks and an interdependence clause in the loss of profit guarantee.
<!– wpml:html_fragment –> We prepared technical risk verification reports with safety recommendations and a periodic follow-up plan with on-site meetings. The client’s compliance to the recommendations was rewarded with optimal insurance conditions that were approved by their parent company.
<!– wpml:html_fragment –> We negotiated ad-hoc clauses such as the derogation of the proportional rule subject to the maintenance of the valuation of assets, appointment of the Insured’s expert with technical knowledge of the Insured’s risks and an interdependence clause in the loss of profit guarantee.
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